- Press Releases
December 2 (Renewables Now) - Canadian solar and energy storage developer Westbridge Energy Corporation (CVE:WEB) has purchased a 75% stake in the developer of a 236-MW DC solar project with a 100-MW battery component in Alberta, Canada.
The acquisition of Sunnynook Solar Energy Inc expands Westbridge's footprint in Alberta from 278 MW DC to 514 MW DC, the Canadian firm said on Wednesday. The controlling interest was bought from Altawest Development Corporation in an all-cash deal, under which Westbridge will pay an initial amount of CAD 300,000 (USD 234,500/EUR 207,200), including expense reimbursement, plus an additional CAD 1.5 million over the approximate 24-month period during which the scheme will become shovel-ready.
The project in Sunnynook hamlet has in place a long-term solar lease covering approximately 940 acres (380.4 ha) and is currently in Stage 1 of the Alberta Electric System Operator’s (AESO’s) interconnection process. Environmental studies are ongoing, as well.
"This acquisition confirms Westbridge's position as one of the largest, fastest-growing solar PV developers in Canada by MW, and further diversifies its renewable energy portfolio in terms of asset location and the enabling technologies utilized," said chief operating officer Maggie McKenna.
With the new asset, Westbridge controls three utility-scale solar projects in Alberta and Texas with a combined capacity of 735 MW. Its acquisition follows the purchase of a 221-MWp mid-stage development solar project in Texas from Aelius Solar Corp in October.
Westbridge noted it is currently working on two battery energy storage projects in Alberta totalling 200 MW.
(CAD 1.0 = USD 0.782/EUR 0.691)